| IT services major Cognizant Technology Solutions Corporation is strengthening its capabilities in the life sciences segment by acquiring New Jersey-based marketRx, provider of analytics and software services to global life sciences companies, for $135 million. |
| The company has signed the agreement to acquire marketRx in an all-cash deal. The transaction may be concluded in the fourth quarter of 2007. The acquisition will be funded through the company’s current cash reserves. |
| “This acquisition expands our capabilities in the analytics segment and broadens our service offerings in the life sciences industry, while providing strong synergies with our existing business intelligence/datawarehousing and CRM services,” said Francisco D’Souza, president and chief executive officer of Cognizant, marketRx is a leading offshore KPO/analytics business with revenues expected to cross $40 million. |
| It has 430 employees, operating on a global delivery model with 260 professionals in Gurgaon, 160 at four locations in the US, and 10 in London. |
| The company combines analytics, market research and software services to provide scaleable, web-based solutions in three functional areas for life sciences companies — sales management and operations, brand marketing, and product management and market research. |
| The acquisition will bring in a client base of 75 life sciences customers, including the 20 largest pharmaceutical companies and four of the top five biotech companies. |
| “The combination of our leading market position in the life sciences analytics segment and Cognizant’s strengths as a top global services player will allow us to expand our relationships with our life sciences clients by providing them with a broader range of outsourced services, and conversely, will enable us to extend our capabilities to other vertical markets,” Jaswinder (Jassi) Chadha, founder, president and chief executive officer, marketRx, said. |
Source: Business Standard